Masoodi calls on Union FM Nirmala Sitharaman

Discusses plight of MSMEs operating in Lassipora, other areas in Kashmir

Srinagar, Aug 10 (KNO): National Conference (NC) leader & Member of Parliament Hasnain Masoodi on Thursday met with Union Finance Minister Nirmala Sitharaman in New Delhi and highlighted the concerns raised by owners of MSME’s operating in Kashmir viz -a viz their financial dealings with J&K Bank.

Emphasizing the importance of MSMEs as a priority sector, Masoodi as per a statement issued to the news agency—Kashmir News Observer (KNO) discussed the plight of MSMEs operating in Industrial estates in Lassipora Pulwama & other areas in Kashmir.

“Recently it has come to our notice that J&K Bank has employed coercive measures to recover its money from some of these small scale sectors. In one particular instance a family in Srinagar was forced to vacate their house thereby rendering the borrowers shelter less. While we cannot deny the banks’ right of recovering its money, at the same time we implore upon them to proceed humanely,” he said.

Masoodi urged the Union Minister to address these issues and foster a positive atmosphere between small businesses and the J&K Bank.

“Lassipora is home to over 500 micro, small, and medium-scale industries, making it one of the largest industrial growth centres in Jammu and Kashmir. Given the vital role that banking plays in the development of industries, it is essential that banks adhere to the directions of the Reserve Bank of India.”—(KNO)